Foundation as a nonprofit organization

Among public organizations, the foundation stands apart. Being a non-profit structure, the fund has its own charter, which defines the goals and objectives of the organization, as well as governing bodies that oversee the implementation of the organization. The work of the fund is carried out in accordance with civil law.

Fund: Fundamentals of Activities

The legal status and procedure for carrying out the activities of funds are regulated by the federal laws "On Non-Profit Organizations", "On Public Associations" and "On Charitable Activities and Charitable Organizations".

Many issues relating to the activities of non-profit funds are reflected in the Civil code of the Russian Federation.

A foundation is a type of nonprofit organization. It does not provide for membership. A fund can be established by citizens or legal entities who, on a voluntary basis, make property contributions for this purpose. Such a non-profit organization is being created for the implementation of cultural, educational, charitable or other purposes of public utility.

All property that its founders transfer to the fund becomes the property of this organization. At the same time, the Fund is not liable for the obligations of the persons that established it, and they are not liable for the existing liabilities of the fund. The fund may use its property exclusively for purposes that are clearly defined in the charter of the organization.

A mandatory requirement is an annual publication of Fund reports on the use of property of the organization.

A nonprofit fund has the right to engage in entrepreneurial activity, but only if it is consistent with the goals of the fund and is required to fulfill its statutory tasks. To engage in entrepreneurship, the foundation has the right to create business entities, as well as participate in the activities of already created structures of this type.